Foreign currency deposit is another measure from the bank of Thailand to accommodate entrepreneur whose incomes and expenses are in foreign currency with an aim to elevate the cost that may arise from exchange rate differentiation. Additionally, the service aims to accommodate ex-pat who works or resides in Thailand as well.

Deposit protection

Domestic deposit protection covers all types of account in Thai baht. The protection, however, excludes foreign currency deposit (FCD) account, deposit with Thai commercial banks in foreign countries and “Thai baht accounts for non-resident” which is a dedicated service opened under the Currency Exchange Control Act.

Type of services

Foreign currency deposit account (FCD) available for both Thai and foreign individual and juristic person in ten currencies - USD, GBP, EUR, JPY, SGD, CHF, AUD, NZD, HKD and CAD

Deposit
  • For customers receiving foreign currency from overseas
Conditions Individual Juristic Person
Without Obligation Unlimited deposit limit
(SFCD)

Total remaining balance for all currencies and all accounts for either individual or juristic person are unlimited (deposit must be made from overseas fund only) such as transferred fund from aboard and no payment obligation.

  • For customers receiving foreign currency from domestic source
Conditions Individual Juristic Person
With Obligation - Maximum deposit not exceeding USD 1 million
- Any excess deposit is allowed only when not exceeding a total of 12 months obligation fund
(DFCD)
 - Maximum deposit not exceeding USD 1 million
- Any excess deposit is allowed only when not exceeding a total of 12 months obligation fund
(DFCD)
Without Obligation - USD 500,000 or equivalent in other currencies
(DFCD)
 - USD 500,000 or equivalent in other currencies
(DFCD)

  • With obligation (proof required), the remaining balance of all currencies and accounts should not exceed USD 1 million or equivalent in other currencies for individual or not exceed USD 100 million or equivalent in other currencies for juristic person. Should deposit over the specified limit is to be made, the sum should not exceed a total of 12 months obligation (deposit made with money from overseas fund such as money transferred from overseas or domestic fund such as foreign currency bought by Thai baht)
  • • Without obligation, the remaining balance in all currencies and accounts should not exceed USD 500,000 or equivalent in other currencies for individual for juristic person (deposit made with money from overseas fund such as money transferred from overseas or domestic fund such as Thai baht exchange of foreign currency)

Remark effective as of OCTOBER 12, 2010

Source : Bank of Thailand

Foreign Currencies Earned from Domestic Source including
  • Foreign Notes: maximum daily deposit is USD 10,000 or equivalent in other currencies at the market rates
    Foreigners can deposit unlimitedly
    • Deposit fee of 1% of the foreign currency amount, minimum 500 baht (Promotion)
    • Withdrawal fee of 1% of the foreign currency amount, minimum 500 baht (Promotion)
  • Thai Baht Exchange, deposit into the account utilizing SELLING T/T exchange rate (PROMOTION); proof of Work Permit and incomes statement are required for foreigner whose purchase should not exceed earned salary
    • No deposit fee
    • No withdrawal fee when withdrawn in Thai baht
    • Commission in lieu of exchange: 1/4% or 500 baht minimum on outward T/T but not

    exceeding deposit amount. As for Foreign Bank's Charge, if Charge Ben (beneficiary receives amount less fee) a Swift Charge of USD 20 is charged; Charge Our (beneficiary receives full amount) a Swift Charge is USD 50 is charged

  • International Money Transfer via Internet by the bank with inbound and outbound transfer advice through e-mail, no service charge

Nonetheless, in case of deposit from customers receiving money domestically, the maximum remaining balance per person (all currencies and banks) should not exceed the amount specified by the bank of Thailand.

Required Documents
  • Individual: ID card
  • Juristic person: (Required documents to open an account are similar to those for Thai baht account opening), the following are required:
    • Copy of Company’s Memorandum of Association and Company Regulations
    • Copy of Company Certificate issued by the Commercial Registration Bureau, Ministry of Finance
    • Copy of Registration Certificate
    • Copy of Trade Registration
    • Minutes of Board of Directors meeting stipulating intention to open a bank account including power of attorney and payment condition and certified by authorized person and company seal
    • List of authorized signatories
    • Copy of ID card and census registration of authorized signatories
Type of Services
Customer can choose from 3 types of account:
  • Current Account with minimum deposit of USD 2,000 or equivalent in other currencies
  • Saving Account with minimum deposit of USD 3,000 or equivalent in other currencies
  • Fixed Account with minimum deposit of USD 3,000 or equivalent in other currencies
In case of average balance falls below minimum requirement
  • Current Account, less than USD 2,000 per month, a USD 10, account maintenance fee or equivalent in other currencies applied
  • Saving Account, less than USD 2,000 per month, a USD 10, account maintenance fee or equivalent in other currencies applied
  • Fixed account, less than USD 2,000 per month, account maintenance fee exempted
Interest payment
Interest is payable as per the announced rate for foreign currency deposit
  • Saving Account - interest payable twice annually at the end of June and December
  • Fixed Account- interest payable at the first, third, sixth, ninth and twelfth months of the deposit initial date at the rate specified on the deposit date. In case of premature withdrawal, interest payable shall be deducted by 2%
  • No Interest Current Account
    Withholding Tax Rate
    • Individual - 15 %
    • Juristic Person – 1%
    • Foreign Government Organization – tax exempted
    • Saving Account - no tax if interest receivable is less than 20,000 baht per annum
Risk
Risk associated with foreign currency deposit account may arise from fluctuation of exchange rate caused by:
  • Employment of T/T Selling rate by the bank in calculating the selling of foreign currency to be deposited in FCD
  • Employment of T/T Buying rate by the bank in calculating the buying of foreign currency from a customer’s FCD account
Benefits
  • Higher interest rate for foreign currency deposit than local Thai Baht deposit
  • Exchange rate risk indicates cost or satisfactory exchange rate for business operation
  • Customers with intention to earn foreign interest rate is advised to constantly monitor the exchange rate movement to evaluate potential return on deposit
Apply for Service

To open an account and submit the required document, please contact North Nana branch (2nd floor), Foreign Currency Deposit Service, Business Exchange Department (6th Floor), North Nana Tower and the following branches:-

*** Remark ***
  • Customers should contact the branch where the account was opened for any foreign currency deposit account transaction
  • Foreign currency deposit account transaction is not available on the bank’s holiday
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